讲座时间：3月11号下午15:30
讲座地点：九里校区零号楼0411室
讲座题目： Mutual Risk Sharing and FinTech: The Case of Xiang Hu Bao
讲座内容：Literally meaning “mutual protection”, Xiang Hu Bao (XHB) is a novel online platform operated by Alibaba's Ant Financial to facilitate mutual risk sharing of critical illness exposures among participants. There are three major distinctions between XHB and traditional insurance products. First, XHB leverages the tech giant's platform and digital technology to lower enrollment and claim processing costs. Second, different from insurance products applying sophisticated actuarial pricing models, XHB collects no premiums ex ante from its members instead equally allocates indemnities and administrative costs among participants ex post after each claims period. Third, XHB restricts coverage amount, which is less than typical critical illness insurance products, particularly for older participants. We show that the third feature of XHB can lead to separating equilibrium, a la Rothschild-Stiglitz, where low-risk individuals enroll in XHB while high-risk individuals purchase critical illness insurance. Proprietary data from XHB shows that the incidence rate of the covered illness among XHB members is indeed far below that of comparable critical illness insurance across different age groups. Our findings further suggest the role of advantageous selection in explaining the cost advantages of the Fintech-based mutual protection programs.
主讲人简介: 吴文锋，上海交通大学安泰经济与管理学院教授，副经理，兼金融MBA项目主任。1992至2001年在上海交通大学计算机系和管理学院学习，获得学士、硕士和博士学位。2001年底留校工作至今，历任讲师、副教授、教授、博导、金融MBA项目主任、金融硕士项目主任、金融系主任。主要研究领域为金融学，研究方向为金融工程、证券市场与公司金融。自2008年以来，在国际著名刊物发表或接受发表的SSCI英文论文近20篇，包括《Journal of Law & Economics》、《Journal of Banking & Finance》、《Journal of Corporate Finance》等。在《经济研究》、《管理世界》、《经济学季刊》等发表中文论文数十篇。多次获得中国高校人文社会科学研究优秀成果奖、上海市哲学社会科学优秀研究成果奖等。
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